Islamic
banking is a banking system based on the implementation of Islamic law
(sharia). The formation of this system is based on the prohibition of the
Islamic religion to lend or collect any loans with the loan charging interest
(riba), as well as the prohibition to invest in businesses categorized as
forbidden (haram). Conventional banking system can not guarantee the absence of
these things in investments, for example in the business associated with the
production of food or drink unclean, business or entertainment media are not
Islamic, and others. Although these principles may be applied in the economic
history of Islam, but only at the end of the 20th century began to stand by
Islamic banks that apply for commercial establishments private or semi-private
in the Muslim community in the world.
Principles of Islamic banking 3
Islamic banking products 3.1 Safekeeping or stash 3.2 For results 3.3 Buying
and selling 3.4 Services 4 The fund management 5 References History An early
form of the market economy and mercantilism, which some economists referred to
as "Islamic capitalism", has begun to develop between the 8th century
and the 12th. [3] Monetary economy in that period by currency dinar which
circulated widely at the time, which brings together the territories that were
previously economically independent. In the 20th century, the birth of Islamic
banking can not be separated from the presence of two modern Islamic renaissance
movement, the movements neorevivalis and modernists. [2] Around the 1940s, Pakistan and Malaysia have there are efforts pilgrim (simple present tense) fund management is
unconventional. In 1963, Islamic Rural Bank stands in the village of Mit Ghamr
in Cairo, Egypt. [4] Islamic banking globally growing at a pace of 10-15% per year,
present continuous tense and show signs of
consistent growth in the future. [5] Reports of the International Association
of Islamic Banks and analysis Prof. Khursid Ahmad mentioned that until 1999
there are more than 200 Islamic financial institutions operating throughout the
world, namely in countries with a majority Muslim population as well as other
countries in Europe, Australia, and America. [6] It is estimated there are more
than US $ 822 billion worldwide assets managed under Islamic principles,
according to an analysis by The Economist. [7] It covers approximately 0.5% of
the total estimated assets of the world in 2005. [8] CIMB Group Holding Company
Analysis states that sharia finance is the fastest growing segment in the
global financial system, and sales of Islamic bonds are expected to increase 24
percent to reach US $ 25 billion in 2010. [9] The principle of Islamic banking
Islamic banking has the same purpose as conventional banking, namely that
banking institutions can generate profits by lending capital, deposit funds,
fund operations, or other activities as appropriate. The principle of Islamic
law forbids the elements below in banking transactions are: [4] Commerce over
illicit goods, Flowers (ربا usury), Gambling and speculation intentional (ميسر
maisir), as well as The vagueness and manipulative (غرر gharar) Comparison
between Islamic banks and conventional banks are as follows: [4] Bank Islam
Doing only investment halal according to Islamic law Wearing the principle of
sharing, sale, and lease Profit-oriented and Falah (happiness of the world and
the hereafter according to the teachings of Islam) Relationships with customers
in the form of partnership Collection and distribution of funds according to
the Sharia Supervisory Board fatwa Conventional banks
is investing present continuos tense either
lawful or unlawful according to Islamic law Wearing the interest rate
for-profit Relationships with customers in the form of creditor-debtor
Collection and distribution of funds is not governed by a board of a kind
Afzalur Rahman in his book Islamic Doctrine on Banking and Insurance (1980)
argues that the principles of Islamic banking aims to
bring benefit for customers( simple present
tense), because it promises justice in accordance with sharia in the
economic system. Islamic banking products Some of the product and services
provided by the bank based on sharia, among others: A deposit or deposits Al-Wadi'ah
(daycare), is a fund where penitip care services can take these funds at any
time. With the system wadiah Bank is not obliged, but are permitted, to give a
bonus to customers. Bank Muamalat Indonesia-Shahibul Maal. Mudharabah deposits,
customers save money in the bank within a certain period of time. The advantage
of investing in customer funds by banks will be shared between the bank and the
customer with the ratio for a particular outcome. For results Al-Musharaka (Joint Venture), this concept is
applied to the model of a partnership or joint venture. The benefits achieved
will be shared in an agreed ratio while losses will be divided based on the
ratio of equity owned by each party. The fundamental difference with this
concept of Mudharabah is in no management interference management whereas no
interference mudharabah Al-Mudharabah, is an agreement between the provider of
capital to entrepreneurs. Each benefits achieved will be divided according to
certain agreed ratio. The risk of loss is borne fully by the Bank except for
losses caused by mismanagement, negligence and irregularities party customers
such as misappropriation, fraud and abuse. Al-muzara'ah, is the bank providing
financing for customers engaged in agricultural / plantation on the basis of
the results of the harvest. Al-Musaqah, is a more simple form of muzara'ah,
where the customer is only responsible for penyiramaan and maintenance, and in
return the customer is entitled to a certain ratio of the crop. Sale and
purchase Bai 'Al-Murabahah, is the distribution of funds in the form of buying
and selling. Banks will buy needed goods and then resell the service user to
the service user at inflated prices determined in accordance bank profit
margins, and service users are allowed to goods. The installment of flats
corresponding contract at the beginning and the installment amount = cost plus
an agreed margin. Example: house price of 500 million, the bank margin / profit
100M bank, the borrowers paid was 600 million and paid over an agreed period
beginning between the Bank and the Customer. Bai 'As-Salam, the Bank will buy
items needed at a later date, while the payment is made in advance. Purchases
must be measured and weighed clear and specific, and the determination of the
purchase price based on the pleasure of the whole between the two sides.
Example: Funding for farmers in the short term (2-6 months). Because the items
purchased (eg, rice, corn, chilli) is not intended as an inventory, the bank
performs contract bai 'as-salam to the second buyer (eg Bulog, the wholesale
market traders, wholesalers). Another example in garment products, which is
between the seller, the bank, and counterparty recommended seller. Bai
'Al-Istishna', a special form of As-Salam where the prices of goods can be paid
when the contract, payable or paid in the future. Bank binds each buyer and
seller separately, unlike the As-Salam in which all parties tied together from
the beginning. Thus, the bank as providing goods to the customer responsible
for any errors execution of the work and guarantees arising from the
transaction.
Al-Ijarah is a contract of transfer
of rights to the goods and services through the payment of wages lease, without
being followed by the transfer of ownership of the goods themselves. Al-Ijarah
Al-Muntahia Tamlik Bit-Ijara is an agreement together with the transfer of
rights to the goods and services through a lease payment of wages, but the days
of the end of the lease the transfer of ownership of the goods rental. Services,
Al-Wakalah is an agreement on Islamic banking transactions, which is a contract
(representatives) in accordance with the principles which apply in its Islamic
Shari'a. Al-Kafalah is the guarantee given by the insurer to a third party to
meet the obligations of both parties or incurred, in other words a shift
responsibility guaranteed by adhering to the responsibility of others as
collateral. Al-Hawalah is a contract of transfer which in practice to move the
debt from the debtor dependents dependents of people who are obliged to pay the
debt (ie debt takeover institution). Ar-Rahn, is an agreement on Islamic
banking transactions, which is a pledge agreement in accordance with sharia.
Al-Qardh is one of the covenants contained in the Islamic banking system that
is none other than providing loans, in cash or otherwise without expecting
anything in return or interest (riba. Indirectly intend to helping rather than
commercial. The fund management.The rate of growth of
Islamic banking at the global level no doubt. Assets of
Islamic financial institutions in the world is estimated to reach 250
billion US dollars, growing an average of more than 15 percent per year. In
Indonesia, the Islamic banking business volume over the last five years the
average growth of 60 percent per year. In 2005, the Indonesian Islamic banking
posted a profit of Rp 238.6 billion, an increase of 47 percent from the
previous year. Even so, Indonesia has a very broad market potential for Islamic
banking, it still lags far behind Malaysia. Last year, Islamic banking Malaysia
scored a profit of more than one billion ringgit (272 million dollars). End of
March 2006, Islamic banking assets in the neighboring country
was almost 12 per cent of the total national banking assets. While in
Indonesia, Islamic banking assets in March 2006 a new period recorded 1.40
percent of total banking assets. Bank Indonesia predicts, accelerated growth of
Islamic banking in Indonesia will start this year. Office channeling policy
implementation, support the government accelerated form of account management
pilgrim entrusted to Islamic banking, as well as the presence of new investors
will encourage the growth of Islamic business. Islamic banking consultant,
Adiwarman Azwar Karim, argued, among other things the development of Islamic banking
will be marked issuance of sharia-based bonds or sukuk are prepared by the
government. A number of foreign banks in Indonesia, such as Citibank and HSBC,
welcomed the issuance of sukuk by opening Islamic business unit. Meanwhile, a
number of investors from the Gulf countries are also preparing to buy banks in
Indonesia to be converted into Islamic banks. The criteria selected banks with
assets generally relatively small, between Rp 500 billion and Rp 2 trillion.
Once converted, the banks sought syndicate financing large projects, involve
global financial institutions. The existence of Islamic banking in Indonesia
pioneered by the establishment of Bank Muamalat Indonesia, initiated by the
Indonesian Ulema Council (MUI) with the aim of accommodating the aspirations
and opinions in Islamic society have many argue that bank interest is forbidden
because of riba and also to take banking principles carefulness. When viewed in
terms of economic and business value, this is a major breakthrough for 80% of
Indonesia's population is Muslim, of course this is a business with huge
potential. Although some Muslims found that bank interest is not usury but
avail, because the flowers are given or taken (present
continuous tense)by the bank are small so it will not be harmed or
didzolimi each other, but still, for Muslims the establishment of Islamic banks
is a major advance. Islamic banking system in Indonesia was orphaned at Bank
Indonesia. Ideally, the Indonesian government established a special financial
institution level sharia Bank Indonesia, Bank Indonesia Sharia.
vocabulary
1. establishment private
2. neurevivalis
3. renaissance
4. pilgrim
5. fund
6.illicit
7.vaguenses
8. gamblling
9. worldwide
10.lawful
tenses :
1.Conventional
banks is investing either ... (present continuos tense)
2.Islamic
banking aims to bring benefit for customers( simple present tense),
3.Islamic law is Wearing
the interest rate for-profit Relationships (present continuos tense)
4. service user are
allowing to goods (present continuos tense)
5.flowers
are giving by the bank... (present continuous tense)
review
islamic banking is a banking system based on the implementation of Islamic law (sharia). The formation of this system is based on the prohibition of the Islamic religion to lend or collect any loans with the loan charging interest (riba).but,Conventional banking
system can not guarantee the absence of these things in investments.
principle of islamic banking 3 product : 1. safe keeping, 2. result, 3. buying and selling 4. fund management, 5. reselling story . the birth of Islamic
banking can not be separated from the presence of two modern Islamic
renaissance movement, the movements neorevivalis and modernists.
principle of Islamic has the same purpose as conventional banking, namely
that banking institutions can generate profits by lending capital, deposit
funds, fund operations, or other activities as appropriate. The principle of
Islamic law forbids the elements below in banking transactions are: Commerce
over illicit goods, Flowers(riba), Gambling and speculation intentional (maysir), as well as The vagueness and manipulative (gharar). but Conventional banks is
investing present continuos tense either lawful or unlawful according to
Islamic law Wearing the interest rate for-profit Relationships with customers
in the form of creditor-debtor .MUI accomodating and inspiration have to choose bank convent,because many people don't know of save money. that to MUI saying carefulness of save money . When viewed in terms of economic and business value, this is a major breakthrough for 80% of Indonesia's population is Muslim choose conventional banking than islamic banking .
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